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New Member
Posts: 2
Registered: ‎09-24-2012
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I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

I doubt it, but just wondering if there are any conventional loan programs out there for us or are we pretty much locked into FHA? Would love to avoid MI.


Credit scores are around 720 for both of us.

Combined gross income is $150,000, net income much less because we're both self employed Net income about $100,000

He has a 1099 from a company and has been in the same industry 13 years (except for 7 months unemployed in 2010-2011)

Foreclosure took place in AZ 5/11


One car loan for $363

We charge most expenses and pay off every month, no other debt


We'll be looking for houses at $200,000 max and so far have $75,000 for down payment and closing. A parent may also gift us $20,000-$30,000.


Thanks for any insight into our situation


Established Contributor
Posts: 677
Registered: ‎03-21-2013
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Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

Well in my experience,  I had a foreclosure with a title transfer date of 6/2010.  so just over 4 years.  My mortgage banker said at 5 years they could have gotten me into conventional.  It iddn't matter the credit score it ws the timing.  


But you sound similar to me (only you have better Credit score).  I am putting 10% down and FHA.  other then the foreclosure my file is totally clean.  and their exact words were "FHA is going to love you"  


I am totally thru underwritting and the only conditions are for the property which can't be satisfied until the house is built.  


A heads up make sure you have your foreclosure deed.  I ahd to send back to my county to get a copy and that took about 2 weeks to receive.

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New Member
Posts: 2
Registered: ‎09-24-2012
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Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

Yeah, I figured it would be the timing that would make it impossible to do a conventional.  Since I have to do FHA, I'm thinking I'll do a 15 year since the MI is a lot less monthly than a 30 year.  If rates stay good I can always refinance into a conventional if it makes sense to do so.

Super Contributor
Posts: 8,706
Registered: ‎09-28-2007
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Re: I'd like to buy a house next year, almost 4 years after foreclosure. Dallas, TX area

There are some conventional loan programs (at least out here in CA) that will do 2 years out of foreclosure with 30% down, but the rates still make the payment higher than when you factor in FHA with PMI. 

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